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| Latest 24 Months (pa) | |
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | Premium China noted Asian equities had a good start in 2021, riding on China's resilient growth trajectory. In the Fund, the Chinese internet giants were among the top contributors. The robust recovery progress in China helped the performance of the Fund's consumer staples and financials holdings. The Fund's Taiwanese hardware manufacturer holdings enjoyed strong global demand for advanced chips and price hikes, also contributing to the Fund's monthly return. Key detractors included the Fund's South Korean technology hardware holdings and some recent winners within the Chinese discretionary sector due to profit-taking across the region. Premium China maintain their exposure to these holdings as they believe the outlook for both the technology cycle and China's recovery remain positive. Premium China noted vaccination plays an important role in unlocking the economic recovery in Asia. They expect the recovery path to diverge among countries in the region and the earning profile in South Asia to remain lacklustre in relative terms. They therefore remain overweight in North Asian equities, which are ahead in economic recovery and offer a superior earnings profile. |
| More Information |
